The average superannuation balance of Australians has continued to rise over the past few years despite recent economic conditions, new data from the Australian Bureau of Statistics (ABS) has shown.
Figures from the ABS Survey of Income and Housing, compiled for the Association of Superannuation Funds of Australia (ASFA), showed the average account balance in 2009-10 was $71,645 for men and $40,475 for women – well up on the balances of $56,400 for men and $23,900 for women in 2003-04.
For those at retirement, average superannuation payouts in 2009-10 were approximately $198,000 for men and $112,600 for women, while in 2005-06 they were significantly less – at $136,000 for men and $63,000 for women.
ASFA chief executive officer Pauline Vamos said the growth flowed from continued contributions and positive investment earnings over the past few years, despite the impact of the global financial crisis.
“These average balances can be expected to continue to grow for many years as the compulsory superannuation system matures,” she said. Also, as women with more paid labour force experience than their mothers and grandmothers move through the system, average super balances will rise even further, she added.
“Given ongoing contributions and investment returns, average retirement returns payments in June 2011 are likely to have reached $250,000 for men and $145,000 for women,” Vamos said.
While these sums may seem high, they are unlikely to be enough to fund a comfortable life in retirement, ASFA stated. For a comfortable lifestyle – assuming part receipt of the Age Pension – the lump sum figures required at retirement are around $430,000 for a single person, and $510,000 for a couple.
An alarming figure was the number of Australians who reported having no superannuation at all – 38.5 per cent of women and 31.6 per cent of males.
While men continued to have a higher incidence of superannuation, holding around 63 per cent of total account balances in 2009-10 compared to 37 per cent for women, there has been a significant improvement in women’s estimated share, which in 1994 was just 23 per cent.
